Career and Education Opportunities for Loan Officers in Naperville, Illinois

For those living in the Naperville, Illinois area, there are many career and education opportunities for loan officers. There are currently 17,220 jobs for loan officers in Illinois and this is projected to grow 13% to 19,450 jobs by 2016. This is better than the national trend for loan officers, which sees this job pool growing by about 10.1% over the next eight years. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

A person working as a loan officer can expect to earn about $28 per hour or $59,510 yearly on average in Illinois and about $26 per hour or $54,700 per year on average in the U.S. as a whole. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Illinois earn more. They earn less than people working in the overall category of Accounting and Auditing nationally. People working as loan officers can fill a number of jobs, such as: loan reviewer, mortgage originator, and consumer loan officer.

The Naperville area is home to 166 schools of higher education, including sixteen within twenty-five miles of Naperville where you can get a degree as a loan officer. Loan officers usually hold a high school diploma or GED, so you can expect to spend only a short time training to become a loan officer if you already have a high school diploma.

CAREER DESCRIPTION: Loan Officer

Loan Officer video from the State of New Jersey Dept. of Labor and Workforce Development

In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They also advise borrowers on financial status and methods of payments.

Loan officers meet with applicants to obtain data for loan applications and to respond to questions about the process. They also analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Equally important, loan officers have to obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial data. They are often called upon to stay abreast of new types of loans and other financial services and products to better meet customers' needs. They are expected to explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Finally, loan officers handle customer complaints and take appropriate action to deal with them.

Every day, loan officers are expected to be able to articulate ideas and problems. They need to see details at a very fine level of focus. It is also important that they listen to and understand others in meetings.

It is important for loan officers to coordinate with clients to pinpoint their financial goals and to discover ways of reaching those goals. They are often called upon to approve loans within specified limits, and refer loan applications outside those limits to management for approval. They also inspect loan agreements to insure that they are complete and accurate in line with policy. They are sometimes expected to talk with underwriters to assist in resolving mortgage application problems. Somewhat less frequently, loan officers are also expected to supervise loan personnel.

Loan officers sometimes are asked to ready reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action. and interview and train new employees. And finally, they sometimes have to market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Like many other jobs, loan officers must have exceptional integrity and have a strong social orientation.

Similar jobs with educational opportunities in Naperville include:

Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.

Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.

Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.

Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.

Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.

Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

University of Illinois at Chicago - Chicago, IL

University of Illinois at Chicago, 601 S Morgan, Chicago, IL 60607. University of Illinois at Chicago is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 25,709 students and an admission rate of 60%. University of Illinois at Chicago has a bachelor's degree program in Finance which graduated thirty-five students in 2008.

Northeastern Illinois University - Chicago, IL

Northeastern Illinois University, 5500 N Saint Louis Ave, Chicago, IL 60625-4699. Northeastern Illinois University is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 11,193 students and an admission rate of 71%. Northeastern Illinois University has a bachelor's degree program in Finance.

Elmhurst College - Elmhurst, IL

Elmhurst College, 190 Prospect Ave, Elmhurst, IL 60126-3096. Elmhurst College is a small college located in Elmhurst, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,315 students and an admission rate of 69%. Elmhurst College has a bachelor's degree program in Finance which graduated one student in 2008.

DePaul University - Chicago, IL

DePaul University, 55 E Jackson, Chicago, IL 60604. DePaul University is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 22,554 students. DePaul University has a bachelor's degree and a master's degree program in Finance which graduated 263 and twenty-seven students respectively in 2008.

Benedictine University - Lisle, IL

Benedictine University, 5700 College Rd, Lisle, IL 60532-0900. Benedictine University is a medium sized university located in Lisle, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,053 students and an admission rate of 80%. Benedictine University has a bachelor's degree program in Finance which graduated four students in 2008.

Roosevelt University - Chicago, IL

Roosevelt University, 430 S Michigan Ave, Chicago, IL 60605-1394. Roosevelt University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,708 students and an admission rate of 43%. Roosevelt University has a bachelor's degree program in Finance.

University of St Francis - Joliet, IL

University of St Francis, 500 N Wilcox St, Joliet, IL 60435-6188. University of St Francis is a small university located in Joliet, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,334 students and an admission rate of 60%. University of St Francis has a bachelor's degree program in Finance.

North Central College - Naperville, IL

North Central College, 30 N Brainard St, Naperville, IL 60540. North Central College is a small college located in Naperville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,726 students and an admission rate of 69%. North Central College has a bachelor's degree program in Finance which graduated eleven students in 2008.

Aurora University - Aurora, IL

Aurora University, 347 S Gladstone Ave, Aurora, IL 60506-4892. Aurora University is a small university located in Aurora, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,291 students and an admission rate of 80%. Aurora University has a bachelor's degree program in Finance.

Saint Xavier University - Chicago, IL

Saint Xavier University, 3700 W 103rd St, Chicago, IL 60655. Saint Xavier University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,307 students and an admission rate of 71%. Saint Xavier University has a bachelor's degree and a master's degree program in Finance.

Lewis University - Romeoville, IL

Lewis University, One University Parkway, Romeoville, IL 60446-2200. Lewis University is a medium sized university located in Romeoville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,536 students and an admission rate of 71%. Lewis University has a bachelor's degree and a master's degree program in Finance which graduated five and zero students respectively in 2008.

Northwestern University - Evanston, IL

Northwestern University, 633 Clark St, Evanston, IL 60208. Northwestern University is a large university located in Evanston, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 20,128 students and an admission rate of 27%. Northwestern University has one to two year, master's degree, and doctor's degree programs in Finance which graduated nine, 212, and zero students respectively in 2008.

Joliet Junior College - Joliet, IL

Joliet Junior College, 1215 Houbolt Rd, Joliet, IL 60431-8938. Joliet Junior College is a large college located in Joliet, Illinois. It is a public school with primarily 2-year programs and has 14,088 students. Joliet Junior College has a one to two year program in Finance which graduated three students in 2008.

North Park University - Chicago, IL

North Park University, 3225 W Foster Ave, Chicago, IL 60625-4895. North Park University is a small university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,255 students and an admission rate of 30%. North Park University has a bachelor's degree program in Finance.

Illinois Institute of Technology - Chicago, IL

Illinois Institute of Technology, 3300 S Federal St, Chicago, IL 60616. Illinois Institute of Technology is a medium sized school located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,404 students and an admission rate of 57%. Illinois Institute of Technology has a master's degree program in Finance which graduated seventy students in 2008.

Loyola University Chicago - Chicago, IL

Loyola University Chicago, 820 N. Michigan, Chicago, IL 60611-9810. Loyola University Chicago is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 15,670 students and an admission rate of 74%. Loyola University Chicago has a bachelor's degree program in Finance which graduated twenty-seven students in 2008.

Certified Residential Underwriter:
The Residential Underwriting Professional Certificate is designed for residential underwriters seeking recognition for continued excellence in education and professionalism.

Mortgage Compliance Achievement Certificate:
The Mortgage Compliance Achievement Certificate recognizes compliance officers, lawyers and other professionals who seek to maintain current and comprehensive knowledge of the laws, regulations and other compliance requirements applicable to the residential real estate finance industry.

LOCATION INFORMATION: Naperville, Illinois

Naperville, Illinois photo by JohnDBuell

Naperville is located in Dupage County, Illinois. It has a population of over 143,117, which has grown by 11.5% over the last ten years. The cost of living index in Naperville, 107, is above the national average. New single-family homes in Naperville are valued at $401,600 on average, which is far greater than the state average. In 2008, one hundred fifty-four new homes were built in Naperville, down from two hundred eighty-one the previous year.

The top three industries for women in Naperville are educational services, health care, and professional, scientific, and technical services. For men, it is professional, scientific, and technical services, finance and insurance, and construction. The average travel time to work is about 33 minutes. More than 60.6% of Naperville residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 23.7%, is higher than the state average.

The unemployment rate in Naperville is 8.1%, which is less than Illinois's average of 10.5%.

The percentage of Naperville residents that are affiliated with a religious congregation, 58.9%, is more than both the national and state average. Saints Peter and Paul Roman Catholic Church, Saint Thomas The Apostle Church and Bethany Church are some of the churches located in Naperville. The most common religious groups are the Catholic Church, the Lutheran Church and the Evangelical Lutheran Church in America.

Naperville is home to the High Grove Business Park and the Spring Brook Golf Course as well as Du Page River Park and Winding Creek Park. Shopping malls in the area include Pebblewood Plaza Shopping Center, Cress Creek Square Shopping Center and Cress Creek Shopping Center. Visitors to Naperville can choose from Fairfield Inn by Marriott, EXEL Inns of Chicago and Country Inn Suites Naperville for temporary stays in the area.